#!/usr/bin/perl -w
use strict;
print j('Ti sats','hri  et'),"\n";

sub j {
my($a,$b)=@_;$a=~s/(.)/$1.substr($b,length($`),1)/ge;return$a;
}
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62 characters.

Update: Same basic idea as japhy had, but worse execution. Ahh, well.

Update 2: After seeing japhy's code, I can whittle it down to 40 chars. All credit for the idea goes to japhy, though:

sub j {
$_=pop;@_=split//,pop;s/./shift.$&/eg;$_
}
[download]

 
perl -e 'print "I love $^X$\"$]!$/"#$&V"+@( NO CARRIER'